Coinbase recently renewed its partnership with Borussia Dortmund (BVB), a German soccer team.
The partnership helped the crypto exchange to become a premium partner of the Bundesliga club. The crypto exchange
and the soccer club deal will last until June 2023.
A German media outlet reported that the soccer club and the crypto exchange renewed its partnership. Coinbase first partnered with Borussia Dortmund in July 2022 by broadcasting ads on the video screens in the club’s stadium.
After the renewal, Coinbase will be BVB Premium Partner to advertise its products and services on Signal-Iduna-Park (one of the largest stadiums in Germany). It will also offer crypto learning programs for team employees.
It is not clear yet how much Coinbase spent to acquire this deal.
Carsten Cramer, Managing Director of Borussia Dortmund, stated that the partnership will last until the end of June 2022 but might expand amid bleak signs of relief in the crypto sector.
Cramer said that “the industry is very exciting but still new. That’s why we want to keep our flexibility open.”
The Managing Director of Borussia said that the BaFin license was one of the “basic requirements” to complete this deal. The exchange is among the few crypto exchanges listed with German financial regulators.
Coinbase has suffered through the crypto winter and general market conditions, so much so that just last week, they laid off 950 employees, almost 20% of its working staff.
In June 2022, the exchange had to let go of over 2,000 employees in three rounds. The exchange explained that this decision would help reduce its operating cost by 25% between the fourth quarter of 2022 and its earnings in the first quarter of 2023.
The stock of Coinbase Global, Inc. was trading at $55.16 (at press time), with a rise of 12% in the last 24 hours. While its market cap remains strong at $12.52 billion, its average volume was 14.15 million shares in the market.
Coinbase announced on January 18, 2023, about halting its operations in Japan.
Coinbase quoted, “Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country.”
The ongoing volatility in crypto and traditional financial markets is troubling exchanges and several other financial companies, forcing several giants lay off staff in huge numbers.
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